Timberlake in group bid to revitalise MySpace image

POP star Justin Timberlake is part of a group that will buy MySpace from News Corp, a bid to add some cool to a social network that has been losing it for some time.

Timberlake will become a part owner and play “a major role in developing the creative direction and strategy for the company,” according to Specific Media, the company he will partner with.

The deal is for $35 million, mostly in Specific Media stock, according to a person familiar with the matter. The deal values MySpace at a fraction of what Rupert Murdoch’s News Corp paid for the site six years ago and paves the way for the layoff of about half of the 500 workers, the person said. As part of the exchange, News Corp will receive a private equity stake in Specific Media.